FCA calls for help to enable consumers to find best mortgage deals

A new report from The Financial Conduct Authority (FCA) suggests that competition in the mortgage market is working well but also points to
ways in which it could work better for more people. It says that is proposals are particularly aimed at helping customers find the
best-priced suitable mortgage deal.

The FCA's interim findings show that nearly a third of customers fail to find the cheapest mortgage for them. Its recommended improvements include:

making it easier for consumers at an early stage to identify
for which mortgage products they qualify, to assess and compare those
products and, ultimately, to take out a mortgage

removing barriers to innovation in the sale of mortgages

making it easier for consumers to assess the strengths of different
mortgage brokers

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One of the attractions of living in a tiny house is the lack of massive mortgage payments. This is just as well since the high street banks are hardly lining up to provide tailor-made products for tiny homes. Here, for example, is what Nationwide say about the issue:
You can't currently get a mortgage for a tiny
home, although as they rise in popularity, this may well change.
Depending on your financial situation and credit rating, you could get a personal loan to buy your property. The personal loan cannot be used to purchase land
- it can only be used to purchase the tiny home itself. Talk to a
financial advisor to find the best option for you.
At the end of 2017, Which? asked six major providers how they felt about lending for smaller homes. HSBC didn’t reply, and Lloyds Bank, Barclays and Santander said they didn’t have an official size limit, simplty going on the basis of a professional valuation. Nationwide and RBS said they would not lend on properties which had floor …